Shriram EPC in the green
By
Research Desk
about 12 years ago
.
Shriram EPC is a big gainer today, currently up almost 6% at Rs.46.20, with an intra day high and low at Rs.50 and Rs.46.10. Volumes are big at over 7500 shares compared to over 2500 shares over past two weeks average.
The stock is up in the green on news that it has it has finally sold its majority stake in its cement company, Sree Jayajyothi Cement (SJJC) to Irish company, CRH and the deal has been valued at around Rs.1400 crore. CRH is expected to pay Rs.600 crore via equity for the deal and the rest would be through debt. The valuation, based on this price is at around $110/tonne. This is being viewed as a good move by Shriram to monetize its stake.